Sophia Bennett
Crypto Analyst
While Bitcoin struggles to hold key levels, one trader thinks the next altcoin surge already has a clear frontrunner, and it might not be who you'd expect.
According to Michael van de Poppe, Hyperliquid's surge and renewed interest in AI‑focused crypto projects are signalling a broader return of risk appetite in altcoins. The market is rotating, and van de Poppe believes he knows exactly where the money is going.
Why Hyperliquid Is Winning Right Now
Hyperliquid's HYPE token hit a new all‑time high after two HYPE ETFs launched in the U.S. That's a significant milestone, ETF launches bring institutional attention and fresh liquidity that most altcoins never see.
The European angle is particularly interesting. Van de Poppe said European traders have increasingly moved to Hyperliquid because perpetual futures trading remains difficult to access on many regulated venues in Europe. Regulatory gaps are quietly driving users onto Hyperliquid, and that's a tailwind that hasn't fully priced in yet.
He also argued Hyperliquid's push into tokenised stocks, commodities, and pre‑IPO assets is accelerating broader tokenisation trends across crypto markets. If that thesis plays out, HYPE's ceiling is a lot higher than many realise. Van de Poppe said HYPE could rise to $100 or more if crypto market appetite continues to strengthen.
Solana Is the Smarter Long‑Term Bet
For all his enthusiasm about Hyperliquid in the short term, van de Poppe is clear‑eyed about its durability. He warned competitors will eventually enter the market and pressure its dominance.
That's why his long‑term conviction sits elsewhere. He described Solana as successfully transitioning from a "degen" ecosystem into a more institutional blockchain, and said Solana's long‑term positioning as infrastructure makes it more attractive than Hyperliquid over a multi‑year horizon.
The shift from speculative playground to institutional infrastructure is exactly the kind of maturation that brings serious money.
AI Crypto Tokens Are Massively Undervalued
Here's where van de Poppe's analysis gets genuinely interesting. While AI company valuations in traditional markets have gone through the roof, their crypto equivalents have been largely ignored.
He argued valuations for private and public AI companies have become overheated, while crypto AI tokens have fallen sharply despite continued ecosystem growth. He pointed to NEAR and Bittensor as two of the strongest infrastructure plays tied to AI adoption in crypto.
The numbers back up his conviction. Van de Poppe said NEAR's projected revenue growth from roughly $10 million in 2025 to as much as $100 million this year supports a significantly higher valuation. He said Bittensor's ecosystem expansion and subnet structure could justify prices between $1,000 and $2,000 if adoption continues.
Privacy Coins Face a Regulatory Wall
Van de Poppe said institutional and retail users both want more transactional privacy on blockchains, but warned governments are unlikely to support fully anonymous privacy coins long term. He pointed to zero‑knowledge proof systems and permissioned privacy models as more sustainable paths forward for institutional adoption.
The Macro Risk Nobody Can Ignore
Van de Poppe said Japanese bond yields are a key market signal and could heavily influence broader risk appetite. He warned additional rate hikes would likely pressure crypto and broader risk assets, and said he does not expect aggressive rate cuts from the Federal Reserve in the near term.
The macro picture remains fragile. But within it, van de Poppe sees clear winners forming, and Hyperliquid, AI tokens, and Solana sit right at the top of that list.